Where are you having success in RI with Single Family rentals?

[David Boroughes]

Getting too expensive (to buy a single family and rent it out) making the numbers work in the Newport area. I'd like to investigate other areas of the state where prices could still work. Where are you having success? Or where do think has the possibility? Ideally, I'm looking for a 3/4 bedroom single family for under $200,000 that would rent in the range of $1,800-$2,000. I like to be hands on, I do my own renting and property management, so I don't want to buy a place out of state. Thanks for any/all ideas 

[Anthony Thompson]

@David Boroughes Since you're going to be managing yourself, I'd start by looking at how far you're willing to drive and then drawing a mental radius around Newport or wherever you spend most of your time.

Then with that list, see which areas can support the rents you're looking for, and then set up some MLS searches (if you're an agent) or ask an agent to do so for you, for houses meeting your criteria (3+ BR, asking less than 200K, anything else you want).

You can also drive through those areas as @Nate Burgher suggested, and try pursuing off-market deals such as calling for-rent signs to see if the owner would sell, calling FSBOs to see if you can strike a win-win deal where the #s work for you, etc.

Finding a property these days where the #s work is difficult, it's definitely a grind, but you just have to set your criteria and grind through it. Think of it like prospecting for gold and sifting through all the rocks to try to find a nugget or two :)